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This Is the TFSA Balance You'll Likely Need to Retire Comfortably in Canada [Yahoo! Finance Canada]

MercadoLibre, Inc. (MELI) 
Last mercadolibre, inc. earnings: 2/10 04:01 pm Check Earnings Report
The table that stands out is Table 3A, which breaks down fair market value, contributions, and withdrawals by age group. For Canadians aged 65 to 69, the average TFSA balance comes in at just $51,244. That is nowhere near enough to fund a retirement on its own. To be fair, most retirees are not relying solely on a TFSA. Many will have a Registered Retirement Savings Plan (RRSP), a workplace pension, or home equity built up over decades. Still, it raises an interesting question. If you wanted to retire comfortably using only your TFSA, how much would you actually need? Here is a simple way to think about it with some back-of-the-napkin math. The passive income math A common rule of thumb in retirement planning is the 4% rule. The idea is that you withdraw 4% of your portfolio in the first year of retirement, then adjust that amount for inflation each year. Historically, this has been a sustainable withdrawal rate over long periods. If you were relying entirely on a TFSA, that Show less Read more
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